July 2016 Austin Market Report

Posted on Thursday, August 18th, 2016 at 4:13pm.

July 2016 Austin Market Report

The summer selling season may be coming to a close, but Austin’s market is still going strong! According to the latest numbers from the Austin Board of Realtors, home sales in the Austin area declined for the second time this year. Home sales decreased 5% last month to 2,900 homes sold. In contrast, home prices continued to rise with a 6% increase since July 2015 to $285,000. Despite the decrease in home sales, both active listings and pending sales rose by 6% compared to the same time last year. Homes also spent fewer days on the market at 40 days on average. According to realtor.com, that’s 20 days faster than homes in the US overall. It’s still a great time to be active in Austin real estate. Take a look at the latest statistics from the Austin Board of Realtors:

July 2016 Austin Area Market Statistics

  • 2,900 single-family homes were sold this July - 5% less than July 2015
  • The average price of a home increased 6% since last July to $285,000
  • Total dollar volume of single-family properties sold was $1.03 billion for July 2016, down 1% from last year
  • No change in months of inventory since July 2015, settling at 2.8 months in July 2016
  • 40 days spent on the market in July 2016 compared to 41 days the previous year
  • 6,805 active listings during July 2016 - up 6% from July 2015
  • 7% decrease in new listings for July 2016 for a total of 3,709 listings
  • 6% more pending sales than July 2015 with 2,864 in July 2016

Based on these numbers, there is no reason to expect a sudden decline in Austin’s hot market. The summer of 2015 was one of the hottest selling seasons in Austin real estate history, so while the drop in home sales this month may indicate a slight cooling off period, we can expect 2016 to remain a strong year for Austin real estate. With rising prices and a low inventory, now is the perfect time to list your home for sale. It’s important to price your home correctly from the start to attract the most attention from buyers. Work with your REALTOR® and check out our Pricing Your Home guide to choose the best listing price. Buyers, don’t be discouraged by high prices and stiff competition. A local lender can help you determine how much home you can afford, and your REALTOR® can help you uncover the right home for your budget. Don’t hesitate to consider homes outside Austin city limits and be open-minded to new neighborhoods you may have overlooked before. Thinking about buying or selling a home in Austin? Contact us today for expert advice and service from our team of top agents.

Leave a Comment